V405 Peg is a low-luminosity cataclysmic variable (CV) that was identified as the optical counterpart of the bright, high-latitude ROSAT all-sky survey source RBS1955. The system was suspected to belong to a largely undiscovered population of hiberna
ting CVs. Despite intensive optical follow-up its subclass however remained undetermined. We want to further classify V405 Peg and understand its role in the CV zoo via its long-term behaviour, spectral properties, energy distribution and accretion luminosity. We perform a spectral and timing analysis of textit{XMM-Newton} X-ray and ultra-violet data. Archival WISE, HST, and Swift observations are used to determine the spectral energy distribution and characterize the long-term variability. The X-ray spectrum is characterized by emission from a multi-temperature plasma. No evidence for a luminous soft X-ray component was found. Orbital phase-dependent X-ray photometric variability by $sim50%$ occurred without significant spectral changes. No further periodicity was significant in our X-ray data. The average X-ray luminosity during the XMM-Newton observations was L_X, bol simeq 5e30 erg/s but, based on the Swift observations, the corresponding luminosity varied between 5e29 erg/s and 2e31 erg/son timescales of years. The CV subclass of this object remains elusive. The spectral and timing properties show commonalities with both classes of magnetic and non-magnetic CVs. The accretion luminosity is far below than that expected for a standard accreting CV at the given orbital period. Objects like V405 Peg might represent the tip of an iceberg and thus may be important contributors to the Galactic Ridge X-ray Emission. If so they will be uncovered by future X-ray surveys, e.g. with eROSITA.
